MetaFinance Trade Review
When you decide to follow the trend of online trading, you will first need to search for a broker. There are plenty of them offering their trading services online, with each claiming to be great at their job. However, it is also a fact that there are numerous scam brokers operating in the market and you cannot just believe everyone. Some platforms will deliver what they promise, but there are plenty of those that do not do so. Therefore, you need to do your homework and avoid becoming a victim. MetaFinance Trade is one of the platforms you will find in the market and MetaFinance Trade review can tell you whether you can trust them or not.
A forex and CFD brokerage, MetaFinance Trade claims to be based in Luxembourg and the United States. According to them, they have a ‘revolutionary trading platform’. Their offerings appear to be quite attractive because they are offering a combination of forex currency pairs and numerous CFDs on cryptocurrencies, commodities, indices and shares. But, you will start getting hints when you discover that there is no detail about trading conditions provided on their website. Thus, it is better to give a closer look to the offerings of the broker before you make any decision.
Regulation and Licensing
It is certainly not possible to classify MetaFinance Trade as a legitimate broker because its name can be found on the warning list issued by the Cyprus Securities and Exchange Commission (CySEC). The Cypriot financial regulator took this action because this clone firm was targeting traders in Europe. As per MetaFinance Trade, it is licensed in Luxembourg by the CSSF and a CIF number is also provided. This refers to a Cypriot Investment Firm, but if you check the websites of both these regulators, you will not find the broker’s name anywhere.
As far as the CIF number is concerned, a check reveals that it actually belongs to another forex broker by the name of Skilling. MetaFinance Trade is not related to this legitimate platform and is only using its details for misleading investors. This tactic is referred to as ‘clone firm’. As the broker has been dishonest about its regulatory status, it is certainly not a platform to trust with your money.
Since it is the most widely used feature of a brokerage, the trading platform is extremely important and reflects the company’s dedication. The MetaTrader4 (MT4) and the MetaTrader5 (MT5) are the most recognized and well-known trading solutions in the market and any legitimate and authentic broker would obviously offer these options to its clients in order to deliver a solid trading experience. But, this is not something you will find at MetaFinance Trade.
Rather than offering the MT4 or MT5, they have come up with a web trading platform and no details have been provided regarding its features or user-interface. You will have to take the risk of signing up and then test the platform to see what it offers.
When you are shopping for something in the market, you obviously want to know the cost you will incur and factor it into your decision. The same is applicable when you are looking for a broker. Don’t you want to know what trading costs and fees you will be charged? The problem is that MetaFinance Trade has provided absolutely no information on their website regarding the spreads they charge. They don’t have a demo account either, so it is not possible for you to find out the spreads without opening a live account.
This is a red flag because a genuine broker would be transparent and open about their spreads. Another piece of information that’s missing from the MetaFinance Trade website is details about leverage. They have not disclosed how much leverage they offer.
The cherry on top is that MetaFinance Trade asks traders to deposit in cryptocurrencies, the perfect payment option for unregulated and illicit brokers, as it cannot be traced.